The Depository Trust & Clearing Corporation (DTCC) has announced plans to launch a new Mutual Fund Profile Service database in July. The DTCC say the database is designed to make it easier for funds to input data and ensure that every piece of information is relevant. They are hoping to achieve this by providing an automated, centralised repository for a broad range of information contained in a fund’s prospectus. In creating the database they will be replacing current technology which is ten years old.
“This initiative will deliver major efficiencies to the industry by providing a single central resource for the dissemination of fund information and offering greater operational flexibility,” says Ann Bergin, the managing director and general manager of DTCC Distribution Services.
Offered by DTCC’s National Securities Clearing Corporation subsidiary, Mutual Fund Profile Service also includes features that provide users with data about fund distributions, as well as contact information and the processing capabilities of funds and firms.
The database will include information about a fund’s investment objectives; minimum and maximum investment requirements; fee schedules; breakpoint schedules and linkage rules; and other fund rules.
“The end result will provide a standard and a complete source for mutual fund security data, and move our industry further towards a model for efficient operations processing,” adds Kathy Joaquin, the director of Operations & Distribution for the Investment Company Institute.